SAMA Governor: Saudi Riyal Exchange Rate is fixed Against US dollar

Riyadh, Rabi’II 01, 1437, January 11, 2016, SPA — The Governor of Saudi Arabian Monetary Agency (SAMA) Dr. Fahd bin Abdullah Al-Mubarak reiterated the Agency’s official position that SAMA will uphold its mandate of maintaining the peg at SAR 3.7500 per USD, backed up by the full range of monetary policy instruments including its foreign exchange reserves.
Dr. Al-Mubarak said in a statement today, ”We have observed recently volatility in the USD/SAR forward market due to the mispricing linked to market operators’ misperception about the Kingdom of Saudi Arabia’s overall economic backdrop. Factors affecting the forward market are largely speculative in nature. The Kingdom of Saudi Arabia’s key economic and financial indicators are stable, as reflected by its net creditor position with a sound and resilient banking system”.
12:18 LOCAL TIME 09:18 GMT